Apply for PPP Loans Today! | |
Today the U.S Small Business Administration has launched an online portal for eligible businesses to apply for Paycheck Protection Program (PPP) loans as stipulated on the latest Covid-19 stimulus package. Applications will initially be reserved for first-time community-based borrowers as an acknowledgement to their financial hardships through this pandemic. | |
In an effort to make the process more equitable, the SBA is aiming to prioritize the distribution of the much-needed aid to smaller and financially vulnerable business, including borrowers participating in Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs) and Microloan Intermediaries. | |
First-time borrowers are welcome to start submitting applications today, Monday, January 11; while second-time borrowers can start requesting a new loan starting on Wednesday, January 13. According to the latest regulations approved by Congress, Business with fewer than 300 employees and who suffered a decrease in gross receipts of at least 25% in any one quarter of 2020 compared to the same quarter in 2019 are eligible to apply for the PPP loans. | |
